Magazine article Mortgage Banking

Global Office Rents Up for Seven Quarters

Magazine article Mortgage Banking

Global Office Rents Up for Seven Quarters

Article excerpt

Prime office rents increased 1.1 percent across 81 worldwide markets in the third quarter, according to Chicago-based Jones Lang LaSalle's (JLL's) latest Global Office Index. Office rents are up 8.2 percent globally compared with 2009's market bottom.

"Most major markets are in better shape than they have been since 2008, but investors and corporations are unsettled by current economic uncertainties. Appetite for risk has diminished as investors take refuge in core well lei product," said Arthur de Haast, who leads Jones Lang LaSalle's International Capital Group.

Office performance in the Americas rose 1.1 percent in the last quarter and is up 2.6 percent year-over-year--its strongest performance since 20o8's global economic downturn. The Americas office index is now 18 percent higher than at the beginning of the 2000s.

But performance within the index is "remarkably uneven," according to JLL. Technology-heavy markets such as California's Silicon Valley soared 15 percent over the past quarter; prime submarket Palo Alto office rents are up nearly 60 percent compared with one year ago. …

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